The most expensive condominiums in Manhattan, New York, get plenty of attention from real estate buyers. Despite the soaring prices of each building, 12 out 200 condo projects are set to be sold for a total of $20 billion dollars.
According to the chart presented by City Realty, the $20 billion dollars from the 12 condos is equivalent to 44 percent of the total projected sell out of the 200 condo projects which are currently being established in Manhattan.
Real Deal Magazine has listed the most famous companies that are considered as the heaviest hitters in the real estate business in the city. First in the rank is the CIM Group and Macklowe Properties' 432 Park Avenue that projects a total sellout of their condo for $3.1 billion. Second, is the Vornado Realty Trust's 220 Central Park South with a total projected sellout of $3 billion. Third is Hines' 53 West 53rd Street which is the MoMA Expansion Tower that projects a total sellout of $2.2 billion.
Real Estate Developers are confident to hit the target because of the high cost that they have invested in each project. Recently, it was reported that Vornado was spending $5,000 per foot to build Robert A.M. Stern-designed 220 CPS.
Robert A.M. Stern-designed 220 CPS have the largest loss factor with several amenity packages that are considered extraordinary. The Attorney General's office has confirmed that the total sellout of this luxury condominium is projected to be at $3 billion.
A report from the 6sqft also projected that the new development sales in Manhattan condo has a total of $27.6 to $33.6+ billion in the next five years. The report mentioned the four luxury towers will account one-third of the total projection.
If these sales came as hope, it would definitely benefit the city, the real estate agents, and the real estate industry as well.
